Saturday, September 29, 2012

El Paso's FCU Closed

The National Credit Union Administration (NCUA)liquidated El Paso’s Federal Credit Union (EPFCU) of El Paso, Texas.

NCUA made the decision to liquidate EPFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

The credit union reported a loss of almost $63,000 through the first half of 2012. In addition, the credit union reported that 9.29 percent of its $1.4 million in loans were at least 60 days or more past due. However, the credit union was classified as well-capitalized as of June with net worth ratio of 11.38 percent.

EPFCU served 1,035 members and had deposits of approximately $4.4 million, according to the credit union’s June 2012 Call Report.

EPFCU is the ninth federally insured credit union liquidation in 2012.

Read the press release.
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